As of Friday 10 As of February 2023, the Bitcoin blockchain had added more than 50,000 Ordinal inscriptions as the trend has continued to increase daily. People inscribe text, images, videos, audio and software onto the blockchain, with some inscriptions fetching high prices via over-the-counter (OTC) trades. A clone of the popular NFT collection Cryptopunks, called Ordinal Punks, sells for similar values to the original NFTs minted on Ethereum.
Ordinary inscriptions become the latest sensation in the NFT market, selling for high prices on over-the-counter trades
Ordinary inscriptions increase in popularity in 2023, and the number rises to more than 50,000. Just five days before, there were only 7,000 inscriptions. Starting at. As of 12:20 PM ET on February 11, 2023, there are 57,179 entries on the Bitcoin blockchain. In addition, several ordinal inscriptions have sold for significant amounts in the past week, including a clone of Cryptopunk’s NFT collection, known as Ordinal Punks.
Ordinal Punks is a collection of 100 generative punks that were minted within the first 650 inscriptions on the Bitcoin blockchain. Many new NFTs based on Bitcoin are sold through over-the-counter (OTC) transactions, using a rudimentary pricing spreadsheet. Recently, Ordinal Punk #41 sold for 11.5 BTCor $249,052. On Friday, Ordinal Punks surpassed the floor values of Cryptopunks. While the trend of Ordinal Inscriptions is still new, there is limited infrastructure in terms of markets and up-to-date price measurements.
However, the project has been called Emblem Vault created vault for Ordinal Inscriptions, similar to vaults made for rare Pepe NFTs made with counterparty and Bitcoin. With Emblem Vault’s technology, Ordinal inscriptions can be added to the Opensea NFT marketplace and sold for ethereum (ETH). Emblem vault suggests use a community tool to verify Bitcoin-made punks to prevent fraud. Emblem vault tweeted on Saturday, “Remember to verify before buying a vaulted asset.”
Data shows that people are not only adding images to the Bitcoin blockchain through Ordinal Inscriptions, but also text, video, applications and audio. Although images are the most common attachment, text and video inscriptions follow in popularity. Ethereum proponents also use Ordinal Inscriptions, as many ETH-based NFTs are written onto the Bitcoin blockchain. For example, “Onchain Monkeys” (OCM), an Ethereum-based NFT project from 2021, imprinted the collection of 10,000 pieces of Bitcoin.
“We wrote OCM on Bitcoin in a very efficient way in one inscription,” the team tweeted. “This is a historical precedent that mirrors the historic first 10K OCM Genesis created on-chain on Ethereum in one transaction.”
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100 Generative Punks, 11.5 BTC, 650 Inscriptions, AUDIO, Bitcoin, Bitcoin Blockchain, Common Attachment, Community Tools, Counterparty, Cryptopunks, Data, Emblem Vault, Ethereum, Ethereum Advocates, Floor Values, High Prices, Highly Effective Inscription, Historical Precedent , images , increase , limited infrastructure , markets , nascent trend , new NFTs , Onchain Monkeys , one transaction , Opensea NFT Marketplace , Ordinal Inscriptions , Ordinal Punks , over-the-counter trades , price spreadsheet , rare Pepe NFTs , fraud, software applications, Text, trend, updated price calculations, vault, Confirm, videos
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Jamie Redman
Jamie Redman is the news editor at Bitcoin.com News and a financial technology journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
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